KARACHI: June 1, 2023: On the first day of June, US dollar crashed in the open market. USD lost by Rs 27 against the rupee in open market today. US dollar value dropped down to Rs 290 (buying) and Rs 298 (selling) against tis last day’s rate of Rs 308 (buying) and Rs 311 (selling) respectively.
In interbank US dollar rate is still resisting the government decision which had allowed payment of credit card for online buying. In interbank, US dollar is ranging between Rs 284 and Rs 286 today.
In Pakistan’s currency market, US dollar was on gaining streak against the rupee for months. There were multiple reasons of US dollar’s appreciation and the currency market was mostly driven by the panic factor. However, on the request of Malik Bostan Khan, chairman All Pakistan Currency Dealers Association (APCDA), Finance minister , Ishaq Dar , removed restriction from the currency dealers to arrange US dollar for on-line buying through credit cards.
Previously only, the banks were allowed to make payments for credit cards being used by Pakistanis for buying of goods.
APCDA chairman, Bostan Khan, has welcomed the decision of Finance minister Ishaq Dar and called it a first step to discourage dollarization in Pakistan. He also hoped that US dollar will resettle down in interbank soon. He appealed to Pakistanis to avoid unnecessary purchases through credit cards as it was putting pressure on Pakistan’s economy. Malik Bostan Khan added that austerity shown by Pakistanis for online buying will save Pakistan from any risk of default in the future.